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Cuba maintains social vocation of its budget despite complexities

Cuba, presupuesto, vocación, social

Cuba maintains social vocation of its budget despite complexities

Havana, Jul 21 (Prensa Latina) Cuba has maintained the social vocation of its state budget in 2021, despite the complex scenario due to Covid-19, the intensification of the United States blockade and the impact of the monetary reordering.

This was stated by Minister of Finance and Prices (MFP) Meisi Bolaños when reporting on the execution of the Cuban State Budget in 2021, during the 9th ordinary session of the National People’s Power Assembly (ANPP).

Budgeted activities, where the country’s social programs reside, constituted 71.3 percent of total expenditures, supporting the marked social character of the State budget.

According to the report presented to the lawmakers, the Cuban budget in 2021 assumed 32.4 percent of the budgeted activity expenditures were concentrated in public health.

More than 57 billion pesos went to non-budgeted activity, mainly in subsidizing retail prices and rates, financing budgeted units with special treatment and to loss-making enterprises (more than 10 billion pesos).

Bolaños pointed out that the challenges are to improve the mechanisms to capture revenues and to achieve a better application of pricing policies.

She highlighted that they are working on the elaboration of the 2023 Draft Budget, which will prioritize the social sector and proposes measures to capture more income and fight inflation.

Cuban lawmakers are analyzing issues of the economy, the country’s epidemiological situation and the implementation of new laws during the 9th ordinary period of sessions of the ANPP, which will conclude on Friday, July 22.


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